Conventional bookkeeping and accounting systems typically do not provide an integrated system for data entry, business transaction processing, check-writing, and automatic general ledger coding. A bookkeeper or accountant typically manually enters information such as, for example, the vendor or service provider name, invoice, check number, amount, date, and check memo into a conventional accounting system. Then, the bookkeeper or accountant needs to decide what general ledger codes to properly code and account for the check. Accordingly, the small business owner or bookkeeper may be required to have some accounting knowledge and familiarity with general ledger codes before handing over the business accounting books to a certified public accountant (CPA). Otherwise, the CPA may be required to review each and every entry.
What is needed is a system and method for business owners, small business owners, individuals, and the like to independently, efficiently, and cost effectively provide business transaction processing and automatic general ledger coding and management systems.